PM Shehbaz optimistic about further inflation decline in coming days

• Prime minister says inflation is now in single digit.
• Claims efforts to improve economy are underway.
• Criticises PTI’s role in fostering political division.
  

Prime Minister Shahbaz Sharif has appreciated the drop in inflation to single digits and expressed optimism about the further decline in the coming days. 

Speaking to Geo News on Monday, he said that inflation had now dropped to single-digit levels and that the central bank’s markup rate had improved. 

The premier also expressed hope that the inflation’s downward trend will continue in the near future. He acknowledged the difficult circumstances when his government took charge but said efforts were made to improve the economy.

He added that while some positive results were already visible, further efforts were required to strengthen the economy. 

The government, PM Shehbaz said, had taken steps for improvement and was working to end the culture of favouritism. He emphasised that the government was committed to fixing the economy, although more work remains to be done.

He also added that the public is beginning to see the benefits of a healthier economy.

Criticising the culture of political divisions, the prime minister said that it "harms the country". He accused the rival party, the Pakistan Tehreek-e-Insaf (PTI)-led government, of fostering an environment of hatred that negatively impacted the nation.

He pointed out that political disputes breed hate, which is detrimental to national well-being.

The premier emphasised that mutual agreement and unity are key to the country’s progress. 

On governance, the PM highlighted the government’s efforts to curb nepotism and make systemic changes for the betterment of the country. He also urged government officials to work diligently for the nation's progress.

At the same time, PM Sharif also praised the sacrifices made by the military for the country’s security and urged every stakeholder to work with sincerity for national development.

Moreover, Federal Bureau of Revenue (FBR) Chairman Rashid Mahmood Langrial stressed that the government should move towards economic growth "cautiously and gradually", admitting the need to change taxation structure amid higher tax rate.

"If growth pressure did not calibrate in the right way, it will deteriorate...such understanding is present among the society and decision-makers that we have to move towards growth cautiously," said Langrial who along with sector officials and an economist engaged in a candid conversation on economic challenges during Geo News' special transmission titled, "Aakhri Mauqa: Pakistan Kay Liye Kar Dalo", on Sunday.

Pakistan, currently bolstered by the International Monetary Fund's (IMF) $7 billion Extended Fund Facility (EFF) secured in September 2024, is navigating a tricky path to recovery.

The South Asian nation narrowly averted a sovereign debt default, with reserves not sufficient enough to meet a month's worth of controlled imports in 2023.

Its economy grew by a meagre 0.92% in the first quarter of the fiscal year. Pakistan is looking to generate revenue by speeding up a privatisation push, but efforts to privatise the national flag carrier, Pakistan International Airlines (PIA), and outsource the capital's airport have fallen flat.